Citi Raises PT on Goodrich to $106 (GR)

Citi is out with its report on Goodrich (NYSE: GR), raising its price target from $99 to $106.

In its note to clients, Citi writes, "We increase our 2011 EPS estimate by $0.20 to $5.43 driven by improved mix and lower than expected pension expense. We are also introducing our 2013 sales/EPS estimate of $9.2b/$7.09, representing 9% y/y sales growth driven by production rate increases on existing platforms and new platform ramps. Our target price moves to $106 from $99 driven by rolling our estimates forward a quarter. We apply a 10x EV multiple to our 2011E EBITDA estimate of $1.43b to arrive at our price target."

Citi maintains Buy on GR.

Shares of GR closed Thursday at $92.57, up 0.15% from Wednesday's close.